Dalrymple reveals big drop in Indian coal buying
Dalrymple Bay Infrastructure has slumped to a $6.6 million half-year profit as it revealed exports to India fell 45 per cent compared to the previous year as the nation switched to Russia.
The Dalrymple Bay Coal Terminal.. Image; Supplied
Dalrymple’s total revenue was up more than $15 million to $255 million, but EBITDA was down to $97.5 million compared with $187 million for the same time in 2021.
The drop was related to a reversal of its IPO transaction costs of $94 million.
Overall, exports through the port were 224.9 million tonnes, down slightly on 2021. Production at many of the mines that use the port was hit by Covid disruptions and staffing issues.
It also revealed that its current liabilities exceeded its assets by $238 million.
The company, which operates the Dalrymple Bay coal port in central Queensland is 9.9 per cent owned by the State Government, said the liability issues were related to US private placement notes and their cross-currency interest rate hedges.
“These notes and hedges are due to mature in March 2023 and have a net carrying value of $299 million in the balance sheet. There is an undrawn revolver facilities of $440 million from which to repay the debt,” the company said.
“The directors are therefore of the opinion that the preparation of the financial statements as a going concern is appropriate.”
The company’s half year result was impacted by the reversal of its IPO transaction costs of $94 million. It declared second quarter distribution of 4.5 cents per security.
